Student Financial Aid What High School Seniors & Parents Should Know
What is Financial Aid? Financial aid helps pay the cost of attending college Some financial aid programs are need-based Some financial aid programs are based on other criteria not need
Sources of Financial Aid Federal government New York State Colleges Institutional aid Other sources Businesses Foundation Clubs/Organizations
Types of Financial Aid Scholarships free money Grants free money Work Study Loans
Need-based Financial Aid Need-based Aid Your family s ability to pay for educational costs is evaluated
Definition of Need Cost of Attendance (COA) Expected Family Contribution (EFC) = Financial Need
Cost of Attendance (COA) Tuition and fees Room and board Books and supplies Transportation Miscellaneous personal expenses Loan fees Study abroad costs Dependent care expenses Expenses related to a disability COA EFC = Financial Need
Expected Family Contribution (EFC) COA EFC Financial Need Calculated with federal formula Includes parents & student s contributions combined Stays the same regardless of college selected
Examples of EFC & Need College A College B College COA $ 11,000 $30,000 $60,000 - EFC 5,000 5,000 5,000 = Financial Need $ 6,000 $ 25,000 $55,000 C
Financial Aid Programs
Federal Aid Pell Grant Supplemental Educational Opportunity Grant (FSEOG) Work-Study Perkins Loan Direct Stafford Loan Direct PLUS Loan
Federal Pell Grant Need-based grant Award amount based on COA, EFC and enrollment status Must maintain good academic standing Up to $5,730
Supplemental Educational Opportunity Grant (FSEOG) Need-based grant Campus-based aid program; not all colleges participate Undergraduate students with the most financial need are given priority Up to $4,000
Federal Work Study Campus-based Not all schools participate Need-based program Part-time work on or off campus Students receive paycheck for hours worked, up to total award amount Cannot be deducted from tuition bill
Federal Student Loans Perkins Loan Direct Subsidized Stafford Loan Direct Unsubsidized Stafford Loan Direct PLUS Loan
Federal Aid Eligibility To receive, a student must Have a high school diploma or equivalent, such as a GED Be enrolled or accepted for enrollment as a matriculated student working toward a degree or certificate in an eligible program Be a U.S. citizen or eligible noncitizen
Federal Aid Eligibility To receive, a student must Have a valid Social Security Number Make academic progress Register with Selective Service, if applicable
NYS Student Aid Programs Tuition Assistance Program (TAP) Aid for Part-Time Study NYS Scholarships for Academic Excellence NYS Math & Science Teaching Incentive Program Veterans Tuition Award
NYS Student Aid Programs Tuition Assistance Program (TAP) Undergraduates Up to $5,165/year Full-time and part-time study in NYS Need-based grant Calculated on NYS Income Tax information
NYS Student Aid Programs TAP award amount determined by Academic year in which first payment of TAP or any state award is received Type of institution and the tuition charge Financial status (dependent or independent) Other family members enrolled in college Combined family NYS taxable income
NYS Student Aid Programs Aid For Part-time Study (APTS) Up to $2,000/year Study part-time School must participate in program NYS Scholarships for Academic Excellence $1,500 and $500 awards to top scholars at each high school High Schools select recipients
New York State Aid Eligibility To receive, a student must Be a New York State resident If dependent, parents must also be NYS residents Attend and be matriculated at an eligible school in New York State Meet other eligibility criteria for specific programs
Institutional Aid Depends on funding at each college College determines eligibility criteria for need-based and non-need-based programs Academic, athletic, and other talentbased scholarships and grants May require an additional application
Research Financial Aid Source: http://syr.edu/financialaid/datesanddeadlines/index.html
Net Price Calculators
TAP Calculator: HESC.ny.gov
The Application Process
Start with FAFSA.gov (*2014-15*)
How to Apply for Federal Aid Go to www.pin.ed.gov to get Student/Parent PINs for FAFSA
How to Apply for Federal Aid FAFSA available now! File online: www.fafsa.gov Worksheet includes built-in edits Skip-logic for faster filing Check status, make corrections online Check college s: Required application materials Application deadlines
Common Documents Needed Social Security Cards US Permanent Resident Card, if non-citizen Student, Parent Income Tax Information 2013 Federal 1040/A/EZ, 2013 W-2 Can use prior year taxes as estimate Records of untaxed income Such as child support received, interest income Information on cash, savings and checking account balances Investments, including stocks, bonds, real estate Excludes retirement accounts, value of primary residence
IRS Retrieval Tool Connects to IRS for tax data of completed tax returns Electronic filers about 2 weeks after submittal Use for original FAFSA and corrections
IRS Retrieval Tool Transfers required tax data to the FAFSA May avoid submitting copies of tax transcript
Common FAFSA Questions If we don t think we qualify for financial aid, do we still file the FAFSA? Does the student provide parents financial information?
Common FAFSA Questions If a student s parents are no longer married to each other, whose info is provided? If a custodial parent is remarried, does student include stepparent s income?
Frequent FAFSA Errors Social Security Number Divorced/remarried parent information Parents/ stepparents earned income Untaxed income U.S. income taxes paid Household size Number in postsecondary education Real estate and investment net worth
Apply for New York State Aid
CSS Profile Application used by certain colleges to award institutional aid Collects more detailed information Application Fee, waivers available Check with school to see if it is required Available online: Collegeboard.org
Next Steps
After Applications are Filed Schools student listed on FAFSA receive an electronic record Schools begin financial aid packaging process Student may be required to provide additional documentation at this time When processing is finished, an award letter is sent to student
Financial Aid Award Letter College award letter contains Amount of federal aid for which students are eligible, including loan options Amount of state aid for which students are eligible Institutional aid
Award Letter Comparison Award Letter Comparison Tool HESC.ny.gov Available now: Startheregetthere.org/ awardcomparison.html
Private Scholarships Thousands of programs with millions of dollars in funds available Charitable foundations, businesses, religious institutions, civic and minority organizations All have their own individual applications and requirements
Private Scholarships Internet scholarship searches Fastweb.com Collegeboard.org Scholarships.com Local library resources Parents places of employment
Avoid Being Scammed! www.studentaid.ed.gov/types/scams US Department of Education Information Tips
CAUTION! Don t pay a fee to file the FAFSA! FAFSA and NYS TAP application are FREE Contact the high school guidance office or the college s financial aid office if you need help in completing the FAFSA
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